Soldsie – Sell on Facebook

Businesses invest time and money into building up their Facebook pages. With Soldsie, they can finally get a return on their investment. Soldsie is a tool that merchants can use monetize their Facebook pages by selling products to fans and friends on the social networking platform.

Connect Soldsie to your business Facebook page, then get started uploading photos of all the products you’d like to sell. In addition to posting photos, you can manage inventory levels, set shipping rates, and offer pricing discounts during off-peak seasons. The sales campaigns you create with Soldsie will essentially look like Facebook posts, and fans can type “Sold” in the comment section underneath your listings to make a purchase. Fans who type “Sold” will be prompted to connect on your Facebook page, and they’ll receive an email invoice with checkout instructions right away. Soldsie connects to PayPal, or you can let buyers pay with PCI compliant credit card options.

The reason why Facebook is such a great marketing tool is because the platform was built for social sharing. Soldsie capitalizes on this, making it easy for fans to share the products you’ve posted with their own friends and family. Each time you make a sale, information about that sale is distributed on your customers’ social media pages, serving as an additional form of free online advertising.

Practical Uses:

• Sell your knitted scarves online
• Encourage customers to spread the word about your new business
• Make money from your Facebook account
• Increase the number of “likes” on your business Facebook page

Insider Tips:

• Create waitlists for products that sell out quickly
• Interact with customers through the social networking platform
• Let people buy your products via credit card or PayPal
• Fans can purchase products from any desktop or mobile device
• Offer a coupon to customers who make repeat purchases

What we liked:

• Soldsie sends automatic invoices
• Businesses can increase conversion rates when they sell products through Facebook
• Soldsie’s dashboard is automatically updated when invoices are sent and payments are received
• Soldsie’s support center offers tips for how merchants can promote their first sales

What we didn’t like:

• Merchants that use external shopping carts may have to add another step to their inventory management processes when they use Soldsie

Alternatives:

• None

Company Info:

• Launched: September 2012
• Privately Held
• Headquarters: San Francisco, California
• Founded by: Arrel Gray and Chris Bennett
• Web site: http://new.soldsie.com

Costs:

• Free for the first $700 in sales
• 3% transaction fee, including PayPal or credit card costs